Contribution splitting is done by rolling a member’s previous year contributions to their spouse’s super. What contributions can be split? The most common splittable contributions are employer contributions, salary sacrifice contributions and personal deductible contributions. Who can receive the split? Only the spouse can receive the split, and the receiving spouse must be under the […]
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A practical guide to SMSF contributions, including concessional and non-concessional caps, timing rules and common issues identified.
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How small business CGT concessions apply to individuals, companies and trusts, plus key ownership tests & superannuation contribution rules.
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The annual Non-concessional Contributions (NCC) cap for 2017-18 is reduced to $100,000 from $180,000 in 2016-17 and 2015-16 financial year. The annual Non-concessional Contributions cap is four times the annual concessional contributions cap. (100,000=4*25,000) An individual must have a total superannuation balance of less than the general transfer cap on 30 June of the previous […]
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The Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014 was passed on 3rd March 2015 to allow refund of excess non-concessional contributions. Summary of the new rule In the 2014-2015 Budget, the Government announced that it would allow individuals the option of withdrawing excess non-concessional contributions made from 1 July 2013 and […]
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Excess Contributions Tax – Sutton and Commissioner of Taxation [2013] AATA 661 The Administrative Appeals Tribunal (AAT) has upheld a decision by the Commissioner of Taxation that a taxpayer exceeded the non-concessional contributions cap in the 2010/11 financial year. In 2010/11 the taxpayer lodged a ‘Notice of intent to claim a tax deduction’ of $50,000 […]
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